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Last edited 11 Oct 2023

Redefining Urban Commute: Insights into the Micromobility Market

The micromobility market was valued at $3,060 million in 2021, and it is set to reach $10,351 million by 2030, growing at a CAGR of 14.5% between 2021 and 2030, according to a research report by a market research company P&S Intelligence.

This can be credited to the constant enhancements in smart cities and the automotive infrastructure globally, increasing number of micromobility vehicles with several benefits, including compact size, ease to use, low weight, and increasing need for ride sharing in tier 1 cities.

In 2021, the bike-sharing category held the largest revenue share of approximately 68.4%, and will continue its dominance in the years to come. This can be attributed to the extensive use of such services in the APAC region as these services are cost-effective and environment-friendly mobility options, enormously helpful in battling the problem of pollution.

The less travelling cost involved with sharing a bike is the major contributor to the growth of the industry. Usually, the revenue structure of these businesses comes with an initial fixed charge for unlocking the vehicle is $0.20 for half hour of travel on average, which is way cheaper than a four-wheeler vehicle sharing option, like car rental and taxi, rides haring.

Furthermore, several businesses are providing subscription-based bike-sharing services on a monthly, weekly, and daily basis, as well as annual membership to its customers.This makes travel more cost-efficient for regular customers.

The kick scooter sharing category is projected to grow fastest in the years to come. This growth can be credited to the role of kick scooters in resolving first- and last-mile travelling issues worldwide and the huge investment by venture capitalists, major investors, and also from automotive stalwart, in this industry.